Authority: National Company Law Tribunal, Amaravati Bench
Order Date: 10 July 2026
Case Overview
The National Company Law Tribunal (NCLT) Amaravati Bench, comprising Shri Kishore Vemulapalli (Member Judicial) and Shri Umesh Kumar Shukla (Member Technical), heard IA(IBC)/209/2026 in CP(IB)/8/7/AMR/2022. The application was filed by Indian Renewable Energy Development Agency Limited (IREDA) as Financial Creditor against SLS Power Corporation Limited as Corporate Debtor under Section 7 and Section 60(5) of the Insolvency and Bankruptcy Code, 2016, and Rule 11 of NCLT Rules, 2016. The matter pertains to the constitution of the Committee of Creditors (CoC) for SLS Power Corporation Limited, which is a critical step in the Corporate Insolvency Resolution Process (CIRP).
During the hearing on 10 July 2026, pleadings were completed. The Tribunal was inclined to hear the matter and pass appropriate orders. While the counsel for the Respondent (SLS Power) reported readiness for arguments, represented by Ms. Sarvani Desiraju and Mr. Aniruth Purusothaman, the Proxy Counsel for the Applicant (IREDA), Mr. Sunny Gangar, sought a passover. The matter was taken up again at 1:20 PM, but the arguing counsel for IREDA was still not present. The Proxy Counsel submitted that he was not ready to argue the matter and sought accommodation.
Final Outcome
The Tribunal granted a final opportunity and listed the matter for 13 July 2026 for final hearing. The Bench emphasized the urgency of the matter as the constitution of CoC is required to take all decisions regarding the CIRP. The order explicitly states that if the arguing counsel for the applicant fails to appear and advance arguments on the next date, it will be presumed that IREDA is not interested in pursuing the matter, and the application will be dismissed with costs without granting any further opportunity.
Topics: Insolvency Proceedings, Committee of Creditors, NCLT Hearing